Srilata (Sri) Zaheer, the dean of the University of Minnesota Carlson School of Management, was appointed chair of the Federal Reserve Bank of Minneapolis’ Board of Directors by the Board of Governors in Washington, D.C. Zaheer, a director of the Minneapolis Fed since 2017, began her role as chair on January 1, 2020. She replaces Kendall Powell, retired chairman of General Mills Inc., and current chair of the University’s Board of Regents.
“It is a privilege to be chosen to serve in this important role,” said Zaheer, Carlson School dean since 2012. “I look forward to better understanding and communicating the challenges faced by the industries responsible for the economic vitality of the Ninth District, while working with the Bank’s leadership in support of its mission.”
The Federal Reserve Bank of Minneapolis is responsible for the Ninth District, which ranges from Montana through North and South Dakota, Minnesota, northwestern Wisconsin and the Upper Peninsula of Michigan. The Minneapolis Fed participates in setting national monetary policy, supervises numerous banking organizations and provides a variety of payments services to financial institutions and the U.S. government.
The Board of Directors, as led by its chair, is responsible for oversight of the Reserve Bank, including appointment of the Minneapolis Fed resident and other officers — as well as providing input on regional economic conditions key to the system’s conduct of monetary policy. Input from the board helps prepare the Minneapolis Fed president for participation in Federal Open Market Committee meetings, where decisions are made about monetary policy.
As chair, Zaheer leads all meetings of the board of directors and ensures appropriate actions are taken. The chair, along with the deputy chair, also represents the Minneapolis Fed at the Conference of Chairs, a semiannual meeting of representatives of all 12 Reserve Banks held in Washington, D.C., by the Board of Governors.
Currently the Elmer L. Andersen Chair in Global Corporate Social Responsibility, Zaheer joined the Carlson School in 1991 as an assistant professor after earning her Ph.D. at the Sloan School of Management at the Massachusetts Institute of Technology (MIT). Her civic leadership includes past service as a director for numerous nonprofit organizations in the Ninth District, including the Greater Twin Cities United Way, the Guthrie Theater and the Destination Medical Center Economic Development Agency of the Mayo Clinic.
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